台灣加權股價指數基金定期式投資策略之研究

A Study of Dollar-Cost Averaging Investment Strategies for Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) Fund

古璦華(Ai-Hua Ku)

指導教授 ： 顧廣平

淡江大學/商學院/財務金融學系碩士在職專班/碩士(2012年)

https://doi.org/10.6846/TKU.2012.00943

摘要

本研究旨在比較分析定期不定額與定期定額兩種投資策略，何者為指數型基金定期式之較佳投資策略。
本研究以寶來的台灣加權股價指數基金及中華郵政定存利率做為研究對象，選取期間自2004年12月至2011年12月止的基金淨值資料及中華郵政一個月定存利率資料進行分析，各策略投資持有期間分別三個月、六個月、一年、二年、三年、五年，並分別針對基金、定存，以及(基金＋定存)之組合進行統計。
結果發現定期不定額之投資基金策略平均報酬多大於定期定額之投資基金平均報酬，但定期不定額實際投資在基金之絕對金額小於定期定額，故若考慮資金機會成本(即剩餘資金存定存)，即在相同投資成本之基礎下進行比較，可發現定期不定額(基金＋定存)組合之平均報酬並不一定會大於定期定額(基金＋定存)組合之平均報酬。

關鍵字

指數股票型基金 ； 定期式投資策略

並列摘要

This study aimed to analyze on a value averaging strategy and dollar cost averaging strategy investment strategy, which is the optimum one for index fund.
In this study, analyzing Polaris Taiwan Weighted Stock Index Fund and the Chunghwa Post deposit rate as the object of study. Select the period from December 2004 to December 2011 NAV information and the Chunghwa Post one-month deposit interest rate data to be analyzed. The strategic investment holding period is respectively three months, six months, one year, two years, three years and five years. The statistics were for the funds, fixed deposit, as well as the portfolio of (fund + deposit).
The results showed that the investment fund strategy average return on value averaging strategy is more than the dollar cost averaging strategy investment fund. But the absolute amount in the fund of actual investment on value averaging strategy is less than atdollar cost averaging strategy. Therefore, if the opportunity cost of funds (save the remaining funds to the deposit) is in the basis of the same investment cost comparison, the value averaging strategy (the average return of fund + deposit) portfolio does not necessarily greater than the average return of at dollar cost averaging strategy (the Fund + deposit) portfolio.

並列關鍵字

Exchange Traded Fund ； Dollar-Cost Averaging Investment Strategies

參考文獻

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